The People's Committee of Ha Tinh province recently sent a document to the Prime Minister and the Ministry of Industry and Trade, requesting their consideration and approval regarding investment in the Vung Ang III LNG Thermal Power Plant project, located in the Vung Ang Economic Zone of Ky Anh town in Ha Tinh province.
According to details given by the People's Committee of Ha Tinh province, the Vung Ang Economic Zone in Ky Anh town is set to have both the LNG gas storage and the Vung Ang III gas-power plant project, which have also been updated in the list of power development investment projects of the Ha Tinh Provincial Planning for the 2021 to 2030 period, with an eye forward toward 2050.
Photo: Ha Tinh proposes investment of VND60 trillion into the LNG gas project at Vung Ang Economic Zone.
The Vung Ang III LNG Power Plant project will be a backup for the LNG Thermal Power Plant projects that have either been delayed or are unfeasible, according to the National Power Development Plan for the 2021 to 2030 period with a vision towards 2050 (Power Plan VIII). On the other hand, the planned site of the Vung Ang III LNG Power Plant also offers a number of benefits, including convenient access to Son Duong's deep-water port, a 164-hectare land fund that is essentially cleared, favourable connection and capacity clearance conditions, and other prerequisites for project implementation in line with the Ministry of Industry and Trade’s guidelines.
In the document submitted to the Prime Minister, Ha Tinh province stated that PV Power is the key investor in the super project which will have a 1,500 MW scale up to 2030 and a 3,000 MW scale beyond that year.
Vietnam Gas Corporation JSC (PV Gas) suggested investing in an LNG warehouse at Vung Ang with the Central LNG port warehouse (Hub), which has a capacity of one to three million tonnes per year, taking into account the ability to increase capacity to suit customer needs.
Previously, the People's Committee of Ha Tinh province proposed that the Prime Minister and the Ministry of Industry and Trade examine and consent to Ha Tinh's deployment of the investment project for the Vung Ang III LNG power plant, which will replace the Vung Ang III Thermal Power Plant. The project's total investment capital would be approximately VND60 trillion, with a capacity scale of 1,500 MW before 2030 and 4,500 MW after 2030.
Thereby, the project has drawn a large number of both domestic and foreign financiers, including Vingroup Corporation, T&T Group, PetroVietnam Power Corporation, Hoanh Son Group Joint Stock Company, and Samsung C&T Company (Korean Samsung Group).
Specifically, Vingroup has requested authorisation to survey and research investment plans in the Vung Ang 3 LNG power plant project at the Vung Ang Economic Zone in a document addressed to the Ha Tinh People's Committee at the beginning of October, 2023. It therefore recommended building an LNG receiving port system, a storage facility, and an LNG power plant. In addition, the LNG receiving port system will include a combined cycle gas turbine power plant with a 1,600MW total capacity and will have an annual capacity of 1.5 million tonnes.
Furthermore, T&T Group Joint Stock Company suggested to the Ha Tinh province People's Committee that they invest in the Vung Ang 3 LNG power complex as an independent power plant (IPP). It is therefore anticipated that this LNG power complex will require a total investment of approximately US$3.55 billion. Excluding 100 hectares of water surface area, the project's total area stands at approximately 123.8 hectares. The investor plans to construct the Vung Ang 3 LNG power centre and port warehouse centre, which will have a combined 3,000 MW of power generation capacity.
In October, 2019, Siemens Electric Company of Germany and Korean Samsung Group also asked for permission to research and survey the construction of a 1,200MW to 1,500 MW project, with an estimated US$1.5 billion to US$1.8 billion in total investment.
